- Dash climbs 20% against the dollar to hit a high of $575.83.
- Rumours circulating that the cryptocurrency will soon be highlighted in a popular cryptocurrency investment newsletter.
LONDON – The price of Dash, the fifth largest cryptocurrency, is surging on Wednesday, hitting a new all-time high.
Dash hit a high of $575.83 early on Wednesday morning after surging 20% against the dollar in 24 hours. The cryptocurrency is up 15% against the dollar to $562.52 at 10.35 a.m. GMT (5.35 a.m. ET):
- Markets Insider
The exact cause of the surge is unclear. Wider cryptocurrency markets remain subdued.
Mati Greenspan, an analyst with trading platform eToro, said the surge could be linked to a deal in Zimbabwe, where long-time ruler Robert Mugabe was yesterday forced to resign.
The Dash Foundation, which aims to promote the cryptocurrency, struck a deal in the African country with Kuvacash, a mobile wallet project that aims to help Zimbabwe combat runaway inflation by storing value in cryptocurrency.
“One thing that could be giving rise to this specific coin on this specific day is a $550,000 partnership that was announced between the Dash Foundation and Kuvacash,” Greenspan said in an email. “The new project aims to bring some level of financial stability to the country of Zimbabwe through a peer to peer payment system that will be accessible to anybody with a mobile phone.”
Meanwhile, traders on messaging app Telegram chat groups are pointing to rumours circulating on Reddit and chatrooms such as 4Chan. Posts on both suggest that Dash could soon be highlighted as an investment opportunity in Palm Beach Confidential, a cryptocurrency investment newsletter.
Dash, a portmanteau of Digital Cash, was created by a decentralized online group in 2014. It is very similar to bitcoin but offers additional features such as instant payments.